Financial Performance - The company reported a net loss of $26,532 for the three months ended September 30, 2024, compared to a net loss of $5,290 for the same period in 2023, indicating an increase in losses [110]. - For the nine months ended September 30, 2024, the company had a net loss of $66,985, compared to a net loss of $135,402 for the same period in 2023, showing a decrease in losses year-over-year [110]. - The company has not generated any revenues to date and does not expect to do so until after completing its Business Combination [109]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on November 22, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units at $10.00 per Unit [112]. - Following the IPO, a total of $69,000,000 was placed in the Trust Account, with $3,423,710 incurred in expenses related to the IPO [113]. - The underwriters exercised their over-allotment option to purchase an additional 900,000 Units at the IPO price, generating additional funds for the company [121]. Use of Funds - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital [114]. - The company may need additional financing to complete its Business Combination or to cover redemptions of public shares [117]. Liabilities and Expenses - The company has no long-term debt or significant liabilities, except for a monthly payment of $10,000 to the Sponsor for administrative services [120]. - The company incurred significant costs related to being a public entity, including legal and compliance expenses [109].
CO2 Energy Transition Corp.(NOEMU) - 2024 Q3 - Quarterly Report